As part of its continued expansion across Europe, cryptocurrency exchange Coinbase has obtained an Anti-Money Laundering (AML) compliance registration from Spain’s central bank.
In accordance with a statement made on September 22, as a result of the registration with the Bank of Spain, Spanish users will now be allowed to keep custody of their cryptocurrency assets on Coinbase and purchase and sell cryptocurrency in euros.
With the help of this registration, Coinbase will be able to provide its whole portfolio of products and services to institutional and retail customers in Spain while still adhering to all applicable laws.
It was noted that about one-third of Spaniards had a favourable opinion on digital assets. “29% of adults in Spain believe that cryptocurrency is the future of finance,” it said.
In addition, it stated that traditional bank transfers have been surpassed by cryptocurrency as the second most popular payment method in Spain.
According to Nana Murugesan, vice president of international and business development at Coinbase, the exchange keeps looking for global regulatory compliance.
“We have launched in Singapore, Brazil, and, most recently, Canada in the last year alone,” says the company, “as well as in-principle approval and VASP registrations in Italy, Ireland, and the Netherlands.”
This comes just after the cryptocurrency exchange Crypto.com received Spanish regulatory clearance. On June 23, Crypto.com declared that the Bank of Spain had authorised it to operate as a virtual asset service provider.
The Bank of Spain provided instructions on the actions crypto service providers might take to attain AML compliance in the nation in October 2021.
According to the instructions, cryptocurrency exchanges are required to submit reports outlining their efforts to stop illegal actions like money laundering and supporting terrorism.
Meanwhile, according to recent rumours, Coinbase wants to have a significant presence in Europe.
It was reported on September 22 that Coinbase made two attempts to acquire the defunct cryptocurrency exchange FTX Europe: first in September 2023 and once in November 2022, when FTX filed for bankruptcy.
This is in response to recent calls by the European Parliamentary Research Service (EPRS) for greater regulation of the global cryptocurrency sector by non-European regulators.
An EPRS analysis calls for the construction of a stricter regulatory framework in non-EU states as the Markets in Crypto-Assets Regulation (MiCA) Act moves closer to its implementation deadline of December 2024.
The financial system and independence of the EU are still in danger through a number of routes since they are still reliant on the political decisions of non-EU nations in the circumstances where the MiCA is applicable.